Seven Eight Capital LP Takes Position in Vestis Co. (NYSE:VSTS)

Seven Eight Capital LP purchased a new position in shares of Vestis Co. (NYSE:VSTS) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 133,011 shares of the company’s stock, valued at approximately $1,627,000. Seven Eight Capital LP owned 0.10% of Vestis as of its most recent filing with the SEC.

Several other large investors also recently added to or reduced their stakes in VSTS. Vanguard Group Inc. bought a new position in Vestis during the fourth quarter worth about $302,586,000. Capital International Investors bought a new position in Vestis in the 4th quarter worth approximately $125,586,000. Wellington Management Group LLP purchased a new position in Vestis in the 4th quarter valued at approximately $56,431,000. Dimensional Fund Advisors LP raised its holdings in Vestis by 0.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,541,710 shares of the company’s stock valued at $18,854,000 after acquiring an additional 8,997 shares during the period. Finally, Norges Bank purchased a new stake in shares of Vestis during the fourth quarter worth $31,033,000. Hedge funds and other institutional investors own 97.40% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on VSTS. Robert W. Baird cut Vestis from an “outperform” rating to a “neutral” rating and set a $13.00 price target for the company. in a research report on Thursday, August 8th. The Goldman Sachs Group lifted their target price on Vestis from $12.50 to $13.80 and gave the company a “neutral” rating in a report on Tuesday, August 20th. William Blair assumed coverage on shares of Vestis in a research report on Friday, May 31st. They issued a “market perform” rating for the company. Finally, Baird R W lowered shares of Vestis from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Vestis has a consensus rating of “Hold” and an average price target of $16.69.

Vestis Price Performance

Shares of Vestis stock opened at $15.19 on Thursday. The company has a 50 day simple moving average of $13.37 and a two-hundred day simple moving average of $14.44. Vestis Co. has a 1 year low of $8.92 and a 1 year high of $22.37. The company has a current ratio of 2.37, a quick ratio of 2.02 and a debt-to-equity ratio of 1.67.

Vestis (NYSE:VSTS) last released its earnings results on Wednesday, August 7th. The company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.06. Vestis had a return on equity of 18.00% and a net margin of 4.13%. The business had revenue of $698.20 million for the quarter, compared to analysts’ expectations of $688.33 million. The business’s quarterly revenue was down 1.6% on a year-over-year basis. As a group, research analysts anticipate that Vestis Co. will post 0.64 earnings per share for the current fiscal year.

Vestis Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 3rd. Investors of record on Friday, September 13th will be issued a dividend of $0.035 per share. The ex-dividend date is Friday, September 13th. This represents a $0.14 dividend on an annualized basis and a dividend yield of 0.92%.

Vestis Profile

Vestis Corporation provides uniform rentals and workplace supplies in the United States and Canada. Its products include uniform options, such as shirts, pants, outerwear, gowns, scrubs, high visibility garments, particulate-free garments, and flame-resistant garments, as well as shoes and accessories; and workplace supplies, including managed restroom supply services, first-aid supplies and safety products, floor mats, towels, and linens.